To Remodel Or Not To Remodel?

by - 7/25/2017 08:34:00 PM

Figuring out whether to renovate your home can be a challenge. On the one hand, you want to increase its market value. But on the other, you want your investment to pay off.

But what does “pay off” actually mean? From a purely financial perspective, home renovations rarely add extra money to the value of your home over and above what you pay for them. But it’s crucial to note that home improvements still increase the value of your home. Every increase in value they add to your property is actually money off the final bill.

Suppose, for instance, you are investigating kitchen renovations and discover that it’s going to cost $10,000. That sounds like a lot of money, but when you compare it to the $8,000 bump it will cause in the value of your home, suddenly you’re only $2,000 out of pocket. You might not want to pay $10,000 for a new kitchen. But $2,000? Why not? And just think about all the extra utility you’ll derive from having a kitchen you actually want to spend time in. Not only does your total household wealth stay high, but you also get all that additional quality of life before you decide to sell.

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Avoid The Stress Of Moving

There’s another reason to remodel too that isn’t captured by just financial factors. Moving is a stressful business. Changing neighbourhood or city just to find the house you want can lead to all sorts of upheaval, especially if you have children. Thus, remodeling your home allows you to get the facilities you always wanted while avoiding all the usual problems associated with changing where you live.

You’re Bored Of Where You Live

Does your home feel a little stale? You’re not alone. Every year, thousands of people move home, just because they’re sick and tired of being in the same surroundings, day after day. But why move home when you can simply remodel what you’ve already got? You can remodel, even if you’re on a budget and swap out any items you don’t like for something more attractive.

Your Kids Have Left Home

Once the kids are gone, there’s no reason for the house to be adapted to their needs. Finally, you have a chance to change it and make it your own. For instance, you could start off in the garden by getting rid of the lawn and transforming it into a landscape garden with all the features you always wanted, but couldn’t have. You could also pull out the kid's bedrooms and replace them with bespoke guest rooms for when you have people over to stay (including your adult children).

Make It More Functional

Perhaps the problem isn’t luxury, but function. If the last time your home had a refit, you might be behind the times. Modern bathrooms have all sorts of wonderful features like underfloor heating, towel warmers, and walk-in showers. For kitchens, the range of mod-cons is even greater. With an ice maker in the fridge and a plate warmer in the cabinetry, your cooking could be transformed.

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